Big bang is impossible - look at ACG’s timeline - this will be a step by step process. They only reason JPS supporters want a big bang is to convert to commons. No other need for a big bang from their perspective other than a conversion.

Treasury and FHFA are certainly not looking at this through the lense of JPS who have had their direct claims repeatedly denied.

If the JPS so desperately want a conversion, hit the sell button and buy commons. There is your conversion.